Managing your digital afterlife has become an important part of estate planning for many individuals. In addition to planning for transferring digital assets, many individuals are also concerned about their digital footprint after their death. Experienced Maryland-estate planning attorney should be able to discuss handling digital assets and your digital footprint in relation to your estate planning goals.
Accumulating wealth and protecting wealth are two estate planning goals shared by most individuals, regardless of the size of their estate. If you are searching for ways to increase your estate to leave a substantial legacy to your heirs, look at some of the estate planning secrets wealthy individuals use as they develop and execute a comprehensive estate plan.
Estate planning for parents is a crucial step in providing for the future care of a special needs child, especially if parents want to avoid risking their child’s benefits. A child receiving public assistance or disability benefits could lose those benefits if they inherit large sums of money or property. With careful estate planning, parents can provide for the financial needs of their child while keeping their benefits intact.
An important element of estate planning is planning for the future of a person with special needs. There are several tools a family can use to protect a loved one. One of the newest special needs estate-planning tools that many families are discussing with their Maryland estate-planning attorney is the ABLE account. If you have never considered an ABLE account, you may want to discuss one with your lawyer.
You have several options if you want to protect your assets and your loved ones in Maryland. A Maryland estate-planning attorney can help you sort through your options and develop strategies for optimizing the types of documents we can use in our state.
Maryland law provides many options to create a trust as part of your estate plan. Depending on your situation, one or more trusts may be in your best interests. Trusts are complex documents that can have life-long effects for you and your beneficiaries, so care must be taken in choosing and drafting your trusts. A Maryland estate-planning attorney can work with you to help you decide which type of trust or trusts best meet your needs.
People in Maryland can write practically whatever terms they want in their wills, but that does not mean the probate courts will honor those terms. Let's say that you want to leave nothing to the person who would ordinarily inherit a portion of your estate. You might be angry at the person, or you might have agreed, for example, with your spouse, that they will take nothing under your will. Take it from a Maryland estate-planning attorney—this may not be entirely legal.
Estate-planning can be an overwhelming process to consider. However, with a little knowledge, you can have your estate-plan prepared in no time, leaving you with one less thing hanging over your head. In this video, Steve Thienel answers the top 5 estate-planning questions people ask every day.
In the Tax Cuts and Jobs Act of 2017, Congress greatly increased the federal estate tax exemption. The tax bill doubled the federal estate tax exemption to $11.18 million for 2018. At the time of passing the tax bill, Maryland and DC intended to match the federal estate tax exemption amount. DC was set to match the federal estate tax exemption in 2018 and Maryland would match the federal exemption amount in 2019.
If you have an estate plan, resolve to review the plan with your Maryland estate-planning attorney. If you have no estate plan, resolve to devise an estate plan in 2019 that reflects your wishes and desires for your future and your family.
Several events should trigger a review of your estate plan, such as the birth of a child, a divorce, or the death of an heir. Another reason to review your estate plan is a change in the tax code. When Congress passed the Tax Cuts and Jobs Act (TCJA), I received numerous calls from clients with questions about how the changes to the federal tax code impacted their estate plans.
The purpose of an Advance Care Directive is to carefully explain how you want medical decisions to be made for you in the event you are unable to make the decisions for yourself. Even though you can locate forms for an Advance Care Directive online, preparing this important legal document without the assistance of a Maryland estate-planning attorney can result in your health care wishes being ignored.
When you draft and execute a will, your Maryland estate-planning attorney should ensure that your will has all mandatory clauses and terms to ensure the will is valid and accomplishes your wishes and goals. Because attorneys who do not practice in the area of estate planning may not be familiar with certain clauses for wills, it is prudent to seek the advice of an experienced Maryland estate planning attorney when executing your will.
Estate planning is an important process for individuals regardless of their wealth, marital status, age, or health. An estate plan is much more than simply directing who will inherit your assets upon your death. A comprehensive estate plan can lower or eliminate estate taxes, protect assets from creditors, provide for incapacitation, protect a family member with special needs, and much more.
An estate administration attorney guides a personal representative through each step of the estate administration process. Because a personal representative can be held liable for negligence and other errors made while administering the estate, it is important to have an attorney to provide legal advice and support.
When a minor child or an incapacitated adult is appointed a court-ordered guardian and conservator, the person appointed by the court has a duty and legal responsibility to act in the best interests of the protected person or ward (minor child or incapacitated adult). It can be a little overwhelming if you are suddenly appointed by the court to care for another person and manage that person’s property and affairs.
Think estate-planning is only for the elderly? Everyone needs help at any stage of the game. In fact, you may think your job is pretty much done when your child turns 18 -- that your role has shifted from director to supporting actor. Your child goes off to college, and you think about how you could repurpose her bedroom in a few years when she is setting up her own place. For 18 years, you have been able to watch over her, call her doctors, talk to her teachers, and do your job as an involved parent. Then there is a problem with her financial aid, and you quickly discover that the university cannot answer your questions or let you help fix the problem. The good news is that there are estate documents that could give you the legal authority to step in when your college-age child needs your help, but the bad news is that you don’t have those documents.
One of the biggest questions a lot of business owners have concerns the future of their company if they happen to pass away. What happens to a business after the death of the owner depends on the structure of the business.
For most, the basic purpose of owning and operating a business is to make a profit. Not only is selling a business an opportunity to maximize your profits, it can sometimes be the most the most profitable business decision. Whether you are planning on selling your business within its first few years, first few decades, or never at all – it is always a good idea to have a comprehensive exit strategy, so the taxpaying business can plan for any situation that may arise down the road.
If you have an aging loved one who is starting to behave in an uncharacteristic manner such that you are worried about his well-being, you might be thinking about how to help him. You are mulling over whether you should have him live with you, set up assistance for him at his home, or talk with a lawyer with guardianship experience about legal options to safeguard him.
In its simplest form, a power of attorney is a legal document that gives another person the authority to takes certain actions on your behalf. Every state allows power of attorney documents, but each state follows its own rules for creating and using them. Enlisting the help of an attorney that is experienced in dealing with powers of attorney can save you money and heartaches in the long run.
The courts in Virginia, Maryland, and the District of Columbia (DC) that handle probate cases primarily deal with the administration of an estate after a person dies. They also deal with the property of minors and incapacitated adults, as well as trusts and wills. If you are dealing with probate in these areas, you may be asking the question, how does probate work?